For the past several weeks we’ve been talking about various ways to increase your bottom line and create more income for your business. Today we’re going to talk about leveraging your marketing dollars. You’ll start by gathering data about where your current clients and customers are coming from.

Do a thorough FACTUAL analysis of where your business comes from and what those sources actually cost. Because your mind can mislead you, don’t base your findings on what you think are the sources of business. Really check and verify what it is exactly that brings you business. In my work with hundreds of business owners over the past fourteen years, this kind of factual analysis almost always offers happy surprises.

Here’s what to do with the results:

1. Put more resources into the strategies that are shown to give you better return on your investment.
2. Eliminate less effective strategies altogether.
3. Carefully invest 10% -20% of your budget into new media that you have not yet tried (such as postcard mailings, endorsed mailings, internet advertising, “pay per click,” and/or online social networking sites.) Let your vendors know that if you get good results you will increase your budget. Negotiate the best deal and then negotiate a little more.

Important: You must monitor the results of EVERY new action you take, and measure the effect of those new actions on your bottom line. This is always a good idea, but is critical when market forces are putting pressure on your business. Every dollar AND minute counts.

Feel free to share with me by leaving a comment below ways you have found to leverage your marketing dollars.